JPST vs. VNLA
JPST (JPMorgan Ultra-Short Income ETF) and VNLA (Janus Henderson Short Duration Income ETF) are both Ultrashort Bond funds. JPST is actively managed, while VNLA is passively managed. Over the past 5 years, JPST returned 3.71%/yr vs 3.92%/yr for VNLA. Their 0.34 correlation means their historical movements had little consistent relationship. JPST charges 0.18%/yr vs 0.23%/yr for VNLA.
Performance
JPST vs. VNLA - Performance Comparison
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Returns By Period
In the year-to-date period, JPST achieves a 1.95% return, which is significantly lower than VNLA's 2.08% return.
JPST
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.57%
- YTD
- 1.95%
- 1Y
- 4.10%
- 3Y*
- 5.09%
- 5Y*
- 3.71%
- 10Y*
- —
- ALL TIME*
- 2.99%
VNLA
- 1D
- 0.04%
- 1M
- 0.32%
- 6M
- 1.63%
- YTD
- 2.08%
- 1Y
- 4.45%
- 3Y*
- 5.65%
- 5Y*
- 3.92%
- 10Y*
- —
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $275.20M | $274.89M | $316.70M | |
| $19.97M | $17.51M | $18.61M |
JPST vs. VNLA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPST JPMorgan Ultra-Short Income ETF | 1.95% | 4.99% | 5.58% | 5.13% | 1.14% | 0.11% | 2.18% | 3.34% | 2.23% | 0.98% |
VNLA Janus Henderson Short Duration Income ETF | 2.08% | 5.45% | 6.41% | 6.09% | -0.17% | -0.18% | 3.01% | 4.43% | 0.02% | 1.30% |
Correlation
The correlation between JPST and VNLA is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (All Time) Calculated using the full available price history since May 19, 2017 | 0.34 |
Over the past year, JPST and VNLA have become more correlated (0.55) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
JPST vs. VNLA — Risk / Return Rank
JPST
VNLA
JPST vs. VNLA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) and Janus Henderson Short Duration Income ETF (VNLA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| JPST | VNLA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 3.60 | 3.30 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 27.70 | 10.46 | +17.24 |
| Martin ratioReturn relative to average drawdown | 131.07 | 53.53 | +77.55 |
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Drawdowns
JPST vs. VNLA - Drawdown Comparison
The maximum JPST drawdown since its inception was -3.28%, smaller than the maximum VNLA drawdown of -4.49%. Use the drawdown chart below to compare losses from any high point for JPST and VNLA.
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Drawdown Indicators
| JPST | VNLA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -4.49% | +1.21% |
Max Drawdown (1Y)Largest decline over 1 year | -0.15% | -0.43% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -0.30% | -0.49% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -1.76% | +0.97% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.23% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.08% | -0.05% |
Volatility
JPST vs. VNLA - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Income ETF (JPST) is 0.13%, while Janus Henderson Short Duration Income ETF (VNLA) has a volatility of 0.17%. This indicates that JPST experiences smaller price fluctuations and is considered to be less risky than VNLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPST | VNLA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 0.17% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.39% | 0.50% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.55% | 0.64% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 1.04% | -0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.93% | 1.42% | -0.49% |
JPST vs. VNLA - Expense Ratio Comparison
JPST has a 0.18% expense ratio, which is lower than VNLA's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JPST vs. VNLA - Dividend Comparison
JPST's dividend yield for the trailing twelve months is around 4.22%, less than VNLA's 5.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
JPST JPMorgan Ultra-Short Income ETF | 4.22% | 4.43% | 5.16% | 4.79% | 1.83% | 0.73% | 1.43% | 2.69% | 2.07% | 0.96% | 0.00% |
VNLA Janus Henderson Short Duration Income ETF | 5.16% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% |
Frequently Asked Questions
JPST and VNLA have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNLA has higher volatility (0.17%) compared to JPST (0.13%). In terms of maximum drawdown, JPST dropped -3.28% vs VNLA's -4.49%.
On 5-year performance, VNLA leads with 3.92% vs 3.71% for JPST. On fees, JPST is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VNLA has performed better with a 3.92% return vs 3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPST is cheaper with a 0.18% expense ratio, compared with 0.23% for VNLA.
VNLA has the higher dividend yield at 5.16%, compared with 4.22% for JPST.
They also come from different issuers: JPMorgan and Janus Henderson. Their fees differ too: 0.18% for JPST and 0.23% for VNLA.
JPST currently has the higher Sharpe Ratio (7.56 vs 7.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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